Cowes based company STRUCTeam Ltd, is set to receive a grant from the Regional Growth Fund (RGF).
Headed by Managing Director, Julien Sellier, STRUCTeam specialise in structures involving composite materials. They are a rapidly growing company with an international client base aiming to become a world leader in providing structural and composite engineering services.
Mr Sellier commented:
“This funding award confirms that for the last three years we have been on the right path. The fund’s criteria fit well with our needs and objectives at this stage. That is why we applied to the Regional Growth Fund at the end of March this year. We still need to complete the process and are about to sign conditioned engagement letter prior to the Due Diligence process to take place.
“We started the company in 2010 with a team of 3 people, which has now grown to 16. Ninety per cent of our business is international, raising the profile of the Island overseas and contributing to the Island’s economy. This funding will provide the boost the company needs, and should result in substantial job creation”.
Last year STRUCTeam won the New Business Award in the Chamber of Commerce Awards for Excellence. They also received a commendation in the International Business Award category.
Various sources of Government funding are available to help the private sector to create or protect jobs by investing in and strengthening their business. STRUCTeam’s bid was one of 109 selected from across the country to receive support in Round 4 of the RGF.
In June a further £156 million was allocated to the Regional Growth Fund and Ministers are currently considering the scope and timings of Round 5 of the RGF and announcements will be made in the autumn.